Luxottica non-family CEO reportedly leaving




Andrea Guerra, CEO of Italian family-owned eyewear company Luxottica, is said to be leaving the company “after differences of opinion” with founder and chairman Leonardo del Vecchio,

the

Financial Times

reported.


Shares in the company, whose brands include Oakley and Ray-Ban, dropped sharply on the news, the


FT


report noted.


Guerra reportedly disagreed with del Vecchio, 79 over Luxottica's deal with Google to design, develop and distribute Google Glass, the


FT


article said.


Del Vecchio, who founded the company in 1958, hired Guerra from Indesit, another Italian family company, in 2004 to succeed him as CEO, “a rare example in Italy of a family patriarch handing over to a trained manager after the first generation,” the


FT


article said.

- Advertisement -


When Guerra was hired, del Vecchio gave 9.6 million shares in the company to senior management as stock options. The last of those was exercised this year, according to the


FT


report. (Source:


Financial Times


, Aug. 20, 2014.)

About the Author(s)

This is your 1st of 5 free articles this month.

Introductory offer: Unlimited digital access for $5/month
4
Articles Remaining
Already a subscriber? Please sign in here.

Related Articles

KEEP IT IN THE FAMILY

The Family Business newsletter. Weekly insight for family business leaders and owners to improve their family dynamics and their businesses.